A bad HOA is a detriment to your property value. 

Well ideally you create a chart of all the components of a property and est haw many years to replace each.

For example, if you did a similar project in CA or HI, with a 5 cap instead of a 10 then the buy in price would be double, cash flow component would be half (percentage wise, before mortgage expense), but the capital gains from increasing NOI would be double (percentage wise, before leverage), and that's assuming the cap and the market rents stay the same. 

I have a lot of experience in evaluating homes and the many problems they can have.While I don't mind evaluating home structural component problem I am no longer into fix and flip (on a regular bases) because I don't want to deal with subcontractors or have my own crews to manage (unless I learn to speak Spanish) to rehab houses--I'm bored with that.  

Neat pics and project....you have some "vintage"  mid century components...

It is up to a bankruptcy trustee and judge to accept an offer.Here's an article I found: http://www.findwell.com/blog/buying-a-home/buying-...As far as seller receiving money from sell price higher than payoff -- my opinion is if the house is foreclosed upon, and the property has little value other than land component (highest and best use a house tear-down), there is no guarantee the bank will sell the property for the full value of his payoff, especially considering the bank could sell to an investor at a discount, such as you were offering.  

Key components of property management (leasing and renting) are considered real estate activities under existing Wisconsin real estate licensing laws.

If you think like that it will be detrimental to your business.

If you exclude the component of refinance in your personal name, your IRA can also do a cashout refinance so long as the loan is non-recourse (i.e. you cannot provide personal guarantees).

Take a close look at the reserve study and determine if the association is replacing components as needed or deferring maintenance.